Finra has barred a former broker who allegedly failed to inform his firm about outside trading, the industry’s self-regulator says.
Paul William Petrillo, who joined the financial services industry in 1992, had been registered with Thrivent Investment Management since 2001, according to a letter of acceptance, waiver and consent published by the regulator.
But from August 2013 to April 2017, Petrillo allegedly placed 333 discretionary orders to trade securities in 12 customers’ accounts outside the firm, without notifying Thrivent about the trades or the executing firm about his registration with Thrivent, Finra says.
Petrillo also allegedly failed to notify Thrivent about having an outside family trust securities account, according to the letter of acceptance. And from April 2017 to April 2018, he allegedly placed 14 more orders to trade securities in two clients’ outside accounts without notifying Thrivent, Finra says.
Thrivent terminated his registration on Apr. 20, 2018, according to the regulator.
Finally, Petrillo allegedly “deliberately failed” to inform Finra about 11 client accounts in which he made trades away from Thrivent, only admitting to doing it in the account of one client that Finra already knew about, the regulator says.
Petrillo consented to the bar without admitting or denying the findings, according to the letter of acceptance.